Irish Bank Resolution Corporation Act 2013
Number 2 of 2013
IRISH BANK RESOLUTION CORPORATION ACT 2013
REVISED
Updated to 28 May 2019
This Revised Act is an administrative consolidation of Irish Bank Resolution Corporation Act 2013. It is prepared by the Law Reform Commission in accordance with its function under Law Reform Commission Act 1975 (3/1975) to keep the law under review and to undertake revision and consolidation of statute law.
All Acts up to and including Greyhound Racing Act 2019 (15/2019), enacted 28 May 2019, and all statutory instruments up to and including European Communities (Sheep Identification) (Amendment) Regulations 2019 (S.I. No. 243 of 2019), made 28 May 2019, were considered in the preparation of this Revised Act.
Disclaimer: While every care has been taken in the preparation of this Revised Act, the Law Reform Commission can assume no responsibility for and give no guarantees, undertakings or warranties concerning the accuracy, completeness or up to date nature of the information provided and does not accept any liability whatsoever arising from any errors or omissions. Please notify any errors, omissions and comments by email to
revisedacts@lawreform.ie.
Number 2 of 2013
IRISH BANK RESOLUTION CORPORATION ACT 2013
REVISED
Updated to 28 May 2019
ARRANGEMENT OF SECTIONS
Section
5. Publication of Special Liquidation Order.
6. Effect of Special Liquidation Order.
8. Limitation of power to grant injunctive relief.
9. Instructions and directions.
10. Application of Companies Acts to IBRC.
11. Non-application of Part 7 of Central Bank and Credit Institutions (Resolution) Act 2011 to IBRC.
12. Sales, transfers, securities, etc.
13. Minister’s power of direction.
14. Determination of consideration for bank assets to be acquired by NAMA.
16. IBRC to continue to be a participating institution.
17. Powers of Minister to create and issue securities, etc.
19. Amendment of certain regulations for the purposes of their application to IBRC.
20. Disclosure of information.
21. Amendment of Land and Conveyancing Law Reform Act 2009.
22. Amendment of Stamp Duties Consolidation Act 1999.
23. Amendment of Central Bank Act 1942.
24. Amendment of European Communities (Deposit Guarantee Schemes) Regulations 1995.
Modifications to Companies Acts
Specific Modifications of Certain Provisions of Part VI of the Act of 1963 in their Application under this Act
Specific Modifications of Certain Provisions of the Act of 1990 in their Application under this Act
Acts Referred to
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Asset Covered Securities Acts 2001 and 2007 |
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1942, No. 22 |
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2011, No. 27 |
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2003, No. 44 |
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1963, No. 33 |
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1990, No. 33 |
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Companies Acts |
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1970, No. 14 |
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2009, No. 27 |
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2009, No. 34 |
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1990, No. 18 |
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1995, No. 25 |
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1999, No. 31 |
Number 2 of 2013
IRISH BANK RESOLUTION CORPORATION ACT 2013
REVISED
Updated to 28 May 2019
AN ACT TO PROVIDE FOR THE WINDING UP OF IBRC AND TO PROVIDE FOR CONNECTED MATTERS.
WHEREAS it is necessary, in the public interest, to provide for the orderly winding up of the affairs of IBRC to help to address the continuing serious disturbance in the economy of the State;
AND WHEREAS vital assistance has been provided by the State to maintain the functioning of IBRC to support the financial stability of the State;
AND WHEREAS vital assistance has been provided by the Central Bank of Ireland to maintain the functioning of IBRC to support the stability of the Irish financial system;
AND WHEREAS the maintenance of the functioning of IBRC is no longer necessary to support the financial stability of the State or the stability of the Irish financial system;
AND WHEREAS it is necessary to end the exposure of the State and the Central Bank of Ireland to IBRC;
AND WHEREAS the winding up of IBRC is now necessary to help to restore the financial position of the State and to help to enable the State to re-establish normalised access to the international debt markets;
AND WHEREAS it is necessary in the public interest to ensure that the financial support provided by the State to IBRC is, to the extent achievable, recovered as fully and efficiently as possible;
AND WHEREAS the winding up of IBRC is necessary to resolve the debt of IBRC to the Central Bank of Ireland;
AND WHEREAS in the achievement of the winding up of IBRC the common good may require permanent or temporary interference with the rights, including property rights, of persons;
[7th February, 2013]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
Annotations
Modifications (not altering text):
C1
Act included in definition of relevant applicable enactment, and its application potentially restricted by European Communities (Reorganisation and Winding-up of Credit Institutions) Regulations 2011 (S.I. No. 48 of 2011), regs. 2(4)(h), 5 and 12(1), as amended (15.07.2015) by European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), reg. 192(d).
Interpretation
2. ...
(4) In relation to the reorganisation or winding up of an authorised credit institution, any of the following enactments that is relevant to the institution in the particular context is a relevant applicable enactment for the purposes of these Regulations: ...
[(h) the Irish Bank Resolution Corporation Act 2013 (No. 2 of 2013);]
...
What law applies to credit institution in respect of which reorganisation measure is imposed
5. —(1) The relevant applicable enactment applies to and in relation to a reorganisation measure imposed, or to be imposed, in respect of an authorised credit institution (including its branches in other Member States) except as otherwise expressly provided by these Regulations.
(2) The provisions of a relevant applicable enactment forming part of a reorganisation measure or applying, implementing or giving effect to a reorganisation measure apply in relation to the credit institution concerned and shall be fully effective in accordance with that enactment as provided by the Directive.
(3) Provisions of this Regulation applying, implementing or giving effect to a reorganisation measure apply in relation to the credit institution concerned and shall be fully effective in accordance with those provisions as provided by the Directive.
(4) A reorganisation measure imposed by a competent authority of another Member State in respect of a credit institution authorised in that State (including any branch of the institution in the State) is to be recognised in the State as soon as the measure takes effect in that other State. This paragraph applies even if, had the particular matter been dealt with under the relevant applicable enactment, the measure would not be provided for, or would be provided for subject to the fulfilment of specified conditions that would not have been fulfilled in the particular case.
...
What law applies to winding up of credit institution
12. —(1) The relevant applicable enactment applies to proceedings to wind up an authorised credit institution, except in so far as these Regulations otherwise provide.
...